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KENMARE RES: STEADY 2019 MOOTED AFTER RECORD 2018 SHIPMENTS

London, Jan 10

Titanium minerals-zircon producer Kenmare Resources’ shipments of all products from its Moma Titanium Minerals Mine in N Mozambique hit a record 1.07Mt for the Dec 2018 year (FY/CY18), up 3% on 2017.Heavy mineral conc (HMC) output increased 4% to 1.37Mt, but with Ilmenite production down 4% to 958,500t, primary zircon easing to 48,400t from 48,600t and rutile down 10% to 8,200t. The outlook for FY/CY19 is for a slight decrease, due to an anticipated reduction in grade, with ilmenite shipment volumes expected to be maintained at 900,000t-960,000t as finished goods inventory is drawn down, primary zircon steady at 44,500-52,000t and rutile up to 8,100t-9,500t.Kenmare received higher average prices for all products and finished FY/CY18 with net cash of $US13.5M from $34.1M net debt at the end of 2017. Full numbers to follow.